Latest Breaking News On - அட்லஸ் ஏற்றுமதி தொழில்கள் - Page 1 : vimarsana.com
In a win for party autonomy, a three-judge bench of the Supreme Court, comprising Mr Justice RF Nariman, Mr Justice BR Gavai and Mr Justice Hrishikesh Roy, has settled a longstanding and controversial question of law by holding that two entities or companies incorporated in India can opt for foreign-seated arbitration and that an award passed in such arbitration would be enforceable in India (
PASL Wind Solutions Private Limited v GE Power Conversion India Private Limited, 20 April 2021).
Facts
The parties were companies incorporated in India. In 2010 the appellant issued three purchase orders to the respondent for the supply of specified converters. Certain disputes arose between the parties in relation to the expiry of the converters' warranties. The parties then entered into a settlement agreement, dated 23 December 2014, to resolve the disputes. Clause 6 of the settlement agreement contained the dispute resolution clause which stipulated that if the parties were unable to reach any settlement, the dispute would be referred to arbitration in Zurich in accordance with the Rules of Conciliation and Arbitration of the International Chamber of Commerce (ICC). It was further agreed that the substantive law applicable to the dispute would be Indian law.
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